Dealmaker: Dwight Capital Closes Four Loans Totaling $129M

Michael Tucker mtucker@mba.org

March 14, 2019


Dwight Capital, New York, closed four two 223(f) loans totaling $128.9 million in Nevada, North Carolina, Indiana and Texas.

In Las Vegas Dwight closed a $31 million loan on Tesora Apartments, a 231-unit Class A community 20 miles from The Strip. The refinance loan closed on February 15th.

Tesora Apartments delivered in a single phase in 2004. The project earned an Energy Star for Existing Buildings Certification with a 96 Energy Star score, qualifying it for HUD's Green reduced MIP program.

Dwight also secured $41.1 million for The Preserve at Ballantyne Commons, a 270-unit market-rate asset in Charlotte, N.C. The non-recourse fixed-rate loan had a 35-year term with a flexible step-down prepayment schedule. Brandon Baksh, Managing Director with Dwight, said the property achieved National Green Building Standard certification despite needing a significant amount of capex to get there. "We were able to use the necessary repairs to increase the appraised value of the project and our underwritten net operating income," he said. 

Dwight also closed two cash-out refinances in Indiana and Texas. In Terre Haute, Ind., Managing Director Josh Hoffman and Senior Vice President Kevin Lifshitz closed a $38.8 million loan on 448-unit Cobblestone Crossings Apartments. The Class A property delivered in multiple phases between 2006 and 2014 and received EPA Energy Star certification, qualifying it for HUD's Green program and a reduced interest rate.

Separately, Dwight Co-CEO Josh Sasouness originated an $18 million refinance on Cadillac Lofts, a 152-unit mixed-use property within walking distance of the Riverwalk in San Antonio, Texas. The 1922-vintage Class A property received upgrades and expansions over the years including substantial rehabilitations in 1998, 2015 and 2016.

The 2.5-acre site in downtown San Antonio is listed on the National Register of Historic Places.

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